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Make accounting records for loss distribution

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Reference no: EM132795239

Question - The capital of Masa Collective Company is 100.000 $ and the capital shares of its partners are as follows.

Partner X 40.000 $, Partner Y 40.000 $, Partner Z 20.000 $.

According to the articles of association, profit / loss is distributed according to capital shares. The company closed the operating period with a loss of 30.000 $ and Partner Z stated that he wanted to leave the partnership. Other partners stated that they can undertake the remaining loss by deducting half of the loss of Partner Z from the capital share. Thus, Partner Z left the partnership by buying a 91-day bond for the remaining capital share. The expense of $ 500 regarding the capital decrease has been paid from the cash register.

Required - Make accounting records for loss distribution and capital reduction.

Reference no: EM132795239

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